Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0037%/8h= −4.1% APRpaid last 24h −0.018%

Price spread now: OKX against Deribit−0.065%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$180.183% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.046%−$5 on $10k

Price spread, last 3 days (all we have)+0.054%+$5 · spread now −0.065%, 7d avg −0.052%

Together, before fees+0.008%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.052%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,778.5	0.0056	pay 0.0007% / 1h	19m 21s	$258.4M	$222.4M	50x
Short	OKX ETH-USDT-SWAP	2,776.7	0.0019	get 0.0019% / 8h	1h 19m	$1.71B	$11.87B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee DeribitbpFee OKXbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$7.79
Price spread: −0.065% → −0.052%: −$1.28
Slippage, 4 orders: −$1.25
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$27.32
Costs to cover: 0.183%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; OKX: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Deribit live order book, 5 min ago	0.09 bp	3.7 bp −$4	4.7 bp −$47	10.3 bp −$1,028	20.7 bp −$10.4K
Sell OKX live order book, 5 min ago	0.02 bp	5.0 bp −$5	5.4 bp −$54	6.3 bp −$630	8.1 bp −$4,062

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ETH	−0.0447%	43m	2,777.6	−0.033%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,776.5	−0.072%	$5.7M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,778.2	−0.010%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.6	+0.041%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,777.3	−0.042%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0016%	1h	2,777.7	−0.027%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.4	−0.038%	$12.7M	$45.6M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.6	+0.041%	$886K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,778.5	0.000%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0017%	8h	2,777.7	−0.027%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAPshort	+0.0019%	8h	2,776.7	−0.065%	$1.71B	$11.87B	100x
Phemex ETHUSDT	+0.0019%	8h	2,777.5	−0.036%	$270.1M	$68.6M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,778.4	−0.003%	$13.0M	—	200x	as long as short
Bullet ETH-USD	+0.0038%	1h	2,777.9	−0.021%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,777.6	−0.031%	$256.7M	$992.0M	200x	as long as short
Deribit ETH-PERPETUALlong	+0.0056%	1h	2,778.5	long leg	$258.4M	$222.4M	50x
Nado ETH-PERP	+0.0059%	1h	2,776.9	−0.056%	$14.3M	$118.1M	50x	as long as short
MEXC ETH_USDT	+0.0064%	8h	2,777.9	−0.020%	$1.62B	$2.67B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,775.9	−0.094%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0065%	8h	2,777.8	−0.026%	$6.44B	$17.20B	150x	as long as short
Bitget ETHUSDT	+0.0070%	8h	2,777.1	−0.048%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,777.5	−0.034%	$3.29B	$9.64B	200x	as long as short
ApeX Omni ETHUSDT	+0.0073%	1h	2,780.3	+0.064%	$8.8M	$32.6M	100x	as long as short
SoDEX ETH-USD	+0.0079%	1h	2,777	−0.053%	$55.3M	$228.9M	40x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,777.2	−0.046%	$2.52B	$4.62B	150x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,777.5	−0.034%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,777	−0.051%	$115.2M	$502.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779.1	+0.023%	$25.4M	$121.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,777.3	−0.041%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0097%	8h	2,777.8	−0.026%	$423.0M	$739.6M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,776.5	−0.071%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,777.1	−0.049%	$478K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,780.3	+0.066%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777.1	−0.050%	$31.3M	$302.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,776.1	−0.085%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.2	−0.011%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.9	+0.016%	$165.9M	$253.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.3	−0.044%	$15.2M	$44.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,778.6	+0.005%	$136.7M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,779.6	+0.042%	$181.9M	$783.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,780.8	+0.085%	$161.7M	$91.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,779	+0.019%	$21.5M	$58.1M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,779.1	+0.023%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.9	−0.021%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.3	+0.030%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776.5	−0.072%	$973K	$14.0M	100x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,778.2	−0.010%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,776	−0.089%	$32.6M	$77.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778.5	+0.003%	$60.0M	$4.61B	50x	as long as short
Kalshi KXETHPERP	+0.0126%	8h	2,779.6	+0.041%	$8.4M	$678.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,779.7	+0.045%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,778.5	+0.001%	$86.1M	$332.3M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,780.5	+0.072%	$286.0M	$195.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0192%	1h	2,777.8	−0.025%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0216%	1h	2,781.9	+0.124%	$271K	$1.5M	20x	as long as short